No Advance Fee Loan Modifications
Starting October 11, 2009 through January 1, 2013, loan modification programs can no longer demand borrowers to pay up-front fees to obtain their assistance. The ban requires that all negotiated services be complete prior to payment, and that all individuals or agencies advertising loan modification assistance provide interested parties detailed notification of these new regulations. Also effective immediately, under the new ruling, any Advance Fee Agreements reviewed by the Department of Real Estate will no longer be valid. However, any agreements established prior to the ban will not be affected. Violators will be penalized by excessive fines up to $50,000 and possible imprisonment.
To view the full announcement from the Department of Real Estate visit their site at:
http://www.dre.ca.gov/pdf_docs/SB94WebAnnouncement(brokers).pdf
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